A dual GST will, therefore, be keeping with the Constitutional requirement of fiscal federalism. The Centre and State will be simultaneously levying GST on each activity.
GST in India will have two components- Central GST (CGST) and State GST (SGST). The Central GST and State GST will simultaneously be applied on every transaction of supply of goods and services except on goods and or services, which are exempted and lie outside the realm of GST. However, IGST will be levied on inter state sales and imports. It will be shared equally between the Centre and the State.
Here is an indicative glimpse of services we offer, in light of a dynamic and evolving regulatory environment surrounding Goods & Services Tax:
- Assistance and advice for diagnostic / impact analysis to assess the operational, commercial and financial impact of GST
- Assistance and support in planning transition to GST including on the prevailing ERP.
- Migration of existing assesses under GST and Registration of new dealers under GST
- Presenting updates on regular basis on implementation, Model GST law and other legal aspects & clarifications on Indian GST provided by Government.
- Support on Compliance with filings and records as may comprehensively be required under the GST regime.
- Review of how and in what manner the service tax levies would be dovetailed into GST, and also to plug in any existing leakages and gaps in the present regime.